Marginal note:Payments by purchaser
5. The purchaser may, by the payment at any time of a sum of not less than ten dollars, or by the payment of a stipulated sum periodically at fixed and definite intervals, to any agent of the Minister appointed under this Act, purchase an annuity under this Act, but the amount payable by way of the annuity so purchased is subject to the terms of section 8.
- R.S., 1952, c. 132, s. 5.
6. (1) [Repealed, 1980-81-82-83, c. 54, s. 56]
Marginal note:Purchase of annuities for corporation members
(2) Any society or association of persons, being a body corporate for fraternal, benevolent, religious or other lawful purposes, may contract with Her Majesty, on behalf of such of its members as are domiciled in Canada, for the sale to such members of annuities otherwise purchasable by them as individuals under this Act; and any sums of money necessary to the carrying out of this object may be paid by such society or association directly to the Minister.
Marginal note:Purchase of annuities for employees
(3) Employers of labour may, pursuant to agreement entered into with their employees in that behalf, such agreement to be of a form approved by the Minister, contract with Her Majesty for the sale to such of their employees as are domiciled in Canada of annuities otherwise purchasable by such employees as individuals under this Act; and any sums of money necessary to the carrying out of this object, whether such sums are derived from the wages of the employees solely, or partly from the wages of the employees and partly from contributions of the employers, or from contributions of the employers solely, may be paid by such employers directly to the Minister; but unless otherwise expressly stipulated, any sums so paid shall be held for the exclusive account of the persons in whose names they were deposited, respectively.
- R.S., 1970, c. G-6, s. 6;
- 1980-81-82-83, c. 54, s. 56.
Marginal note:Annuity tables
7. All contracts for the purchase of annuities shall be entered into in accordance with the values stated in tables prepared under regulations made pursuant to section 13, and for the time being in use.
- R.S., 1952, c. 132, s. 7.
Marginal note:Limitations as to persons and amount
8. (1) An annuity shall not be granted or issued on the life of any person other than the actual annuitant, nor for an amount less than ten dollars a year; and the total amount payable by way of an annuity or annuities to any annuitant or to joint annuitants shall not exceed twelve hundred dollars a year.
Marginal note:Maximum age
(2) Any contract providing for an annuity to commence to be payable at any greater age than eighty-five years is, as to purchase price, subject to the same terms as if the age were exactly eighty-five years.
(3) When a person who has purchased an annuity payable to themself applies to have a portion thereof converted into an annuity payable to their spouse or common-law partner, the Minister may make such a conversion, if
(a) the application is made within the three months preceding the time when the annuity becomes payable,
(b) the annuity so made payable to the spouse or common-law partner does not exceed one-half of the person’s annuity, and
(c) the provisions of this Act and any regulations made under this Act are complied with.
- R.S., 1970, c. G-6, s. 8;
- 2000, c. 12, s. 123.
- Date modified: